EXECUTIVE TEAM SMALLCAP Results Are Based on Votes from 469 Portfolio Managers and Buy-Side Analysts, and 255 Sell-Side Analysts

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes:EMPOWER (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth). USING THE IN-DEPTH FEEDBACK FROM THE 2019 LATIN AMERICA EXECUTIVE TEAM RANKINGSR YOUR IR +R BENCHMARK your IR program Examine the strengths and challenges of your program relative to your peers across six specific IR functions

UNCOVER what investors and TARGET analysts really think investors you want Direct commentary from II’s segmented voters offers an insider rankings—by region, perspective on your AUM, and more— offer company, executives and insight into your most those of your peers sought-after investors

IR PERCEPTION STUDY

BEST PRACTICE EVALUATE insights from top IR programs executive performance across Latin America With in-depth rankings and Based on feedback from voter commentary regarding your over 127 IROs sector’s best CEOs and CFOs

YOUR IR PERCEPTION MOST WELL- FINANCIAL ACCESS MOST MOST MOST USEFUL STUDY INCLUDES INFORMED AND TRANSPARENCY TO SENIOR CONSTRUCTIVE RESPONSIVE AND REPORTS ON ESG/ The IRRANKINGS Perception IN Study - A detailedAUTHORITATIVE analysis AND of DISCLOSURE the rankingsMANAGEMENT CONFERENCE THOROUGH IR SRI METRICS THESE “BEST IR CALLS • SectorPRACTICE” Analysis: your AREAS detailed rankings compared to peers • Voter commentary from the buy side and sell side • Rankings by voter location, asset size, institution type and more • Best practice report from 127 IROs

Don’t see your company? Contact us to learn more about your position. Ursula Kizy Empower your IR today: Director of Sales and Product Developement, Americas Ursula Kizy [email protected] +1 1-212-224-3124212 .224. 3124 / [email protected] www.institutionalinvestor.com 2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

OVERVIEW

LATIN AMERICA Who participates in the study? Institutional Investor is the industry’s most trusted source for research and rankings among top analysts and BEST INVESTOR portfolio managers. For the 2019 ranking, we collected the opinions of 469 portfolio managers and buy-side RELATIONS analysts and 255 sell-side analysts. When is the polling conducted? Polling is conducted anually from January through February. BEST CEOs, CFOs, AND How are the results tabulated? IR PROFESSIONALS, Voters rank the top-four companies that they believe demonstrate excellence in each of six IR characteristics BEST INVESTOR RELATIONS or performance attributes. Their votes are then weighted by the rank they have assigned each company and TEAMS AND IR PROGRAMS, BEST aggregated to produce buy-side, sell-side and combined buy- and sell-side rankings for each sector. ESG, ANALYST DAYS AND WEBSITE How are the results disseminated? The top-three places in each of our IR rankings are announced in July on our website, which enjoys a global audience of more than 115,000 senior-level executives. The rankings presented include Best IR Program, as well as Best CEO, CFO, IR Professional, Analyst Days and ESG/SRI Metrics across 16 sectors.

Best Investor Relations attributes Buy- and sell-side voters separately evaluate the following attributes of IR programs: 2019 • Accessibility of senior executives LATIN AMERICA • Constructive conference calls EXECUTIVE • IR is well informed and authoritative TEAM SMALLCAP • Company's website is thorough and easy-to-access investor information • Quick and thorough responses to requests • Timely and appropriate financial disclosure

ABOUT US The commentary herein is intended to highlight results, For more than 50 years, Institutional Investor has been the undisputed leader in survey-based rankings. trends, and patterns. In no event, however, should this Our Research Team rankings identify the top analysts covering the Asian, European, Japanese, Latin American, text be construed to constitute any type of managerial and U.S. equity markets. For the past 15 years, Institutional Investor has provided independent analyses of or organizational recommendation from Institutional companies’ investor-relations programs, in conjunction with our Executive Team rankings. Investor. In the course of gathering information for these surveys, Institutional Investor seeks the opinions of senior executives in corporations, fund management groups, and securities firms to develop rankings and evaluations of individual teams and firms. These rankings measure qualitative performance based on voters’ expressed opinions on research, sales, trading, investment banking, and investor relations. While every care has been taken in researching and compiling the information contained in this publication, the publishers and directors of Institutional Investor accept no responsibility for any FOR ADDITIONAL INFORMATION, CONTACT: errors or omissions howsoever arising to the maximum URSULA KIZY permitted by law. Director of Sales and Product Development, Americas Institutional Investor Research © 2019 Institutional Investor LLC. All rights reserved. T: 212.224.3124 / [email protected] All text, design, and content of this survey are the www.institutionalinvestor.com exclusive property of II. No part of this publication may be reproduced, in whole or in part, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recorded, or Institutional Investor otherwise, without the prior written permission of 1120 Avenue of the Americas, 6th Floor Institutional Investor. For reprint permission, please New York, NY 10036 contact Ursula Kizy 212-224-3124. www.institutionalinvestor.com/Investor-Relations

MOST HONORED COMPANIES 2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP A total of 214 small-cap companies were nominated in this year’s Latin America Executive Team survey. Of those companies, 44 were distinguished as “Most Honored” for having the most cumulative success in the rankings.

COMPANY/COUNTRY COMPANY/COUNTRY COMPANY/COUNTRY

Adecoagro (Argentina) ENGIE Energia Chile (Chile) MRV Engenharia e Participacoes (Brazil)

Almacenes Exito (Colombia) Ferreycorp (Peru) Nexa Resources (Brazil)

Alupar Investimento (Brazil) Fibra Prologis (Mexico) OdontoPrev (Brazil)

Arezzo Industria e Comercio (Brazil) Fleury (Brazil) Oi (Brazil)

Azul (Brazil) Gentera (Mexico) Qualicorp (Brazil)

Banco ABC Brasil (Brazil) GeoPark (Chile) Randon (Brazil)

BK Brasil Operacao e Assessoria a Restaurantes (Brazil) Grupo Cementos de Chihuahua (Mexico) Sao Martinho (Brazil)

Bolsa Mexicana de Valores (Mexico) Grupo Rotoplas (Mexico) SLC Agricola (Brazil)

Celsia (Colombia) Grupo Supervielle (Argentina) Smiles (Brazil)

Cementos Pacasmayo (Peru) Inversiones La Construccion (Chile) SMU (Chile)

Cemex Latam Holdings (Colombia) Iochpe-Maxion (Brazil) Sonda (Chile)

Cia. de Ferro Ligas da Bahia - Ferbasa (Brazil) Linx (Brazil) Tupy (Brazil)

Cia. Hering (Brazil) Marfrig Global Foods (Brazil) Vina Concha y Toro (Chile)

Corp. Inmobiliaria Vesta (Mexico) Minerva (Brazil) Vista Oil & Gas (Mexico)

EcoRodovias Infraestrutura e Logistica (Brazil) Movida Participacoes (Brazil)

The IR Perception Study - A detailed analysis of the rankings • Sector Analysis: your detailed rankings compared to peers • Voter commentary from the buy side and sell side • Rankings by voter location, asset size, institution type and more • Best practice report from 127 IROs

Don’t see your company? Contact us to learn more about your position. Ursula Kizy [email protected] +1 212 .224. 3124

2 © 2019 Institutional Investor LLC. All rights reserved THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITE Meeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth). R AGRIBUSINESS +R

OVERALL BUY-SIDE SELL-SIDE RANK BEST CEO RANK BEST CEO RANK BEST CEO 1 Aurelio Pavinato, SLC Agricola 1 Aurelio Pavinato, SLC Agricola 1 Aurelio Pavinato, SLC Agricola 2 Fabio Venturelli, Sao Martinho – – 2 Fabio Venturelli, Sao Martinho – – – – – – RANK BEST CFO RANK BEST CFO RANK BEST CFO 1 Felipe Vicchiato, Sao Martinho 1 Felipe Vicchiato, Sao Martinho 1 Felipe Vicchiato, Sao Martinho 2 Ivo Marcon Brum, SLC Agricola 2 Carlos Boero Hughes, Adecoagro 2 Ivo Marcon Brum, SLC Agricola 3 Carlos Boero Hughes, Adecoagro 3 Ivo Marcon Brum, SLC Agricola – – RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL 1 Frederico Logemann, SLC Agricola 1 Gabriela Rojas Violic, Hortifrut 1 Frederico Logemann, SLC Agricola 2 Gabriela Rojas Violic, Hortifrut 2 Frederico Logemann, SLC Agricola 2 Aline Reigada, Sao Martinho 3 Aline Reigada, Sao Martinho 3 Juan Ignacio Galleano, Adecoagro 3 Felipe Vicchiato, Sao Martinho RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM 1 SLC Agricola 1 Hortifrut 1 Sao Martinho 2 Sao Martinho 2 SLC Agricola 2 SLC Agricola 3 Hortifrut 3 Adecoagro* – – Sao Martinho* RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM 1 Adecoagro 1 Adecoagro 1 Sao Martinho 2 Sao Martinho 2 Sao Martinho 2 SLC Agricola 3 SLC Agricola 3 Hortifrut* 3 Adecoagro SLC Agricola* RANK BEST ESG RANK BEST ESG RANK BEST ESG 1 Adecoagro – – – – 2 SLC Agricola – – – – 3 Sao Martinho – – – – RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS 1 Adecoagro – – – – 2 Sao Martinho – – – – 3 SLC Agricola – – – – RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE 1 Adecoagro – – – – 2 SLC Agricola – – – – 3 Sao Martinho – – – – 12 Agribusiness companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

*Tie

Don’t see your company? Contact us to learn more about your position. Ursula Kizy [email protected] +1 212 .224. 3124

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITE Meeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

OVERALL BUY-SIDE SELL-SIDE RANK BEST CEO RANK BEST CEO RANK BEST CEO 1 Marcos de Oliveira, Iochpe-Maxion 1 Marcos de Oliveira, Iochpe-Maxion 1 Marcos de Oliveira, Iochpe-Maxion 2 Mariela Garcia De Fabbri, Ferreycorp 2 Mariela Garcia De Fabbri, Ferreycorp 2 Fernando Cestari de Rizzo, Tupy 3 Fernando Cestari de Rizzo, Tupy – – 3 Mariela Garcia De Fabbri, Ferreycorp RANK BEST CFO RANK BEST CFO RANK BEST CFO 1 Augusto Ribeiro Jr., Iochpe-Maxion 1 Augusto Ribeiro Jr., Iochpe-Maxion 1 Augusto Ribeiro Jr., Iochpe-Maxion 2 Mario Romero, Grupo Rotoplas 2 Mario Romero, Grupo Rotoplas 2 Thiago Fontoura Struminski, Tupy 3 Fabio Barbanti Taiar, Industrias Romi – – – – RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL 1 Hugo Zierth, Tupy 1 Hugo Zierth, Tupy 1 Esteban Mario Angeletti, Randon 2 Esteban Mario Angeletti, Randon 2 Mariana Fernandez, Grupo Rotoplas 2 Elizabeth Tamayo, Ferreycorp 3 Elizabeth Tamayo, Ferreycorp* 3 Camila Conrado, Mills Estruturas e Servicos de – – Mariana Fernandez, Grupo Rotoplas* Engenharia RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM 1 Randon 1 Randon 1 Randon 2 Tupy 2 Tupy 2 Tupy 3 Fras-le – – 3 Marcopolo RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM 1 Randon 1 Tupy 1 Randon 2 Tupy 2 Randon 2 Ferreycorp 3 Iochpe-Maxion 3 Iochpe-Maxion 3 Tupy RANK BEST ESG RANK BEST ESG RANK BEST ESG 1 Grupo Rotoplas – – – – 2 Randon – – – – 3 Ferreycorp – – – – RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS 1 Randon – – – – 2 Tupy – – – – – – – – – – RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE 1 Tupy – – – – 2 Randon – – – – 3 Ferreycorp – – – – 16 Capital Goods companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

*Tie

Don’t see your company? Contact us to learn more about your position. Ursula Kizy [email protected] +1 212 .224. 3124

4 © 2019 Institutional Investor LLC. All rights reserved THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITE Meeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

OVERALL BUY-SIDE SELL-SIDE RANK BEST CEO RANK BEST CEO RANK BEST CEO 1 Hector Enrique Escalante Ochoa, Grupo Cementos 1 Hector Enrique Escalante Ochoa, Grupo Cementos 1 Hector Enrique Escalante Ochoa, Grupo Cementos de Chihuahua de Chihuahua de Chihuahua 2 Jaime Muguiro, Cemex Latam Holdings 2 Humberto Reynaldo Nadal Del Carpio, Cementos 2 Jaime Muguiro, Cemex Latam Holdings Pacasmayo 3 Humberto Reynaldo Nadal Del Carpio, Cementos 3 Jaime Muguiro, Cemex Latam Holdings – – Pacasmayo RANK BEST CFO RANK BEST CFO RANK BEST CFO 1 Luis Carlos Arias Laso, Grupo Cementos de Chihuahua 1 Luis Carlos Arias Laso, Grupo Cementos de Chihuahua 1 Manuel Ferreyros Peña, Cementos Pacasmayo* Luis Carlos Arias Laso, Grupo Cementos de Chihuahua* 2 Manuel Ferreyros Peña, Cementos Pacasmayo 2 Manuel Ferreyros Peña, Cementos Pacasmayo – – 3 Monica Maria Miloslavich Hart, Grana y Montero 3 Jorge Meruane Boza, SalfaCorp 3 Alicia Enriquez Pimentel, Consorcio ARA RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL 1 Ricardo Martinez, Grupo Cementos de Chihuahua 1 Claudia Bustamante Belaunde, Cementos Pacasmayo 1 Ricardo Martinez, Grupo Cementos de Chihuahua 2 Claudia Bustamante Belaunde, Cementos Pacasmayo 2 Ricardo Martinez, Grupo Cementos de Chihuahua 2 Claudia Bustamante Belaunde, Cementos Pacasmayo 3 Alicia Enriquez Pimentel, Consorcio ARA – – 3 Alicia Enriquez Pimentel, Consorcio ARA RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM 1 Grupo Cementos de Chihuahua 1 Grupo Cementos de Chihuahua 1 Grupo Cementos de Chihuahua 2 Cementos Pacasmayo 2 Cementos Pacasmayo 2 Cementos Pacasmayo 3 Consorcio ARA – – – – RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM 1 Grupo Cementos de Chihuahua 1 Grupo Cementos de Chihuahua 1 Cemex Latam Holdings 2 Cementos Pacasmayo 2 Cementos Pacasmayo 2 Cementos Pacasmayo 3 Cemex Latam Holdings 3 Cemex Latam Holdings 3 Grupo Cementos de Chihuahua RANK BEST ESG RANK BEST ESG RANK BEST ESG 1 Cementos Pacasmayo – – – – 2 Grupo Cementos de Chihuahua – – – – – – – – – – RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS 1 Cemex Latam Holdings* – – – – Grupo Cementos de Chihuahua* – – – – – – – – – – – – RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE 1 Cementos Pacasmayo* – – – – Grupo Cementos de Chihuahua* – – – – – – 3 Cemex Latam Holdings – – – – 20 Cement & Construction companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

*Tie

Don’t see your company? Contact us to learn more about your position. Ursula Kizy [email protected] +1 212 .224. 3124

OVERALL BUY-SIDE SELL-SIDE RANK BEST CEO RANK BEST CEO RANK BEST CEO 1 Axel Leveque, ENGIE Energia Chile 1 Antonio Augusto Torres de Bastos Filho, Omega 1 Ricardo Andres Sierra Fernandez, Celsia* Geração Axel Leveque, ENGIE Energia Chile* 2 Ricardo Andres Sierra Fernandez, Celsia* 2 Axel Leveque, ENGIE